UNITED THERAPEUTICS Corp (UTHR) · Nov 4, 2026 · Earnings

United Therapeutics earnings beat revenue estimates as R&D surges

In line — Revenue $832.5M vs ~$781.6M consensus; diluted EPS $5.71 vs ~$6.02 consensus

United Therapeutics earnings beat revenue expectations on Tyvaso DPI growth, while Thymmune acquisition costs and rising R&D weighed on profit.

United Therapeutics is still a profitable pulmonary-arterial-hypertension drug business funding a broader push into new therapies and manufactured organs; its prior-quarter story already included Tyvaso DPI growth, the Thymmune acquisition, and advancing organ-manufacturing programs.

Revenue was the clear upside surprise. Third-quarter revenue reached $832.5 million, well above the published consensus of roughly $781.6 million, with the commercial franchise returning to growth after a softer first half. The strongest driver was Tyvaso DPI, while Orenitram also grew; the filing says, “Total revenues in the third quarter of 2026 increased by four percent year-over-year to $832.5million, compared to $799.5million in the third quarter of 2025.”

Metric	Q3 2026	Q3 2025	Consensus
Total revenue (Financial Highlights)	$832.5M (+4%)	$799.5M	~$781.6M
Diluted EPS (Income Statement)	$5.71 (-20%)	$7.16	~$6.02
Total Tyvaso revenue (Product sales)	$503.8M (+5%)	$478.0M
Tyvaso DPI revenue (Product sales)	$378.5M (+13%)	$336.2M
Nebulized Tyvaso revenue (Product sales)	$125.3M (-12%)	$141.8M
R&D expense (R&D expense)	$279.2M (+119%)	$127.5M
Net income (Income Statement)	$258.6M (-24%)	$338.7M

The mix is shifting toward DPI, but competition is exposing weakness in the older franchise. Tyvaso DPI revenue rose 13% and total Tyvaso revenue rose 5%, but nebulized Tyvaso fell 12% and Remodulin declined 3%. Management explicitly attributed pressure across those products partly to competitive therapies, so the headline growth is real but increasingly dependent on the newer DPI formulation. The filing states, “We believe the availability of competitive therapies negatively impacted sales of Nebulized Tyvaso, Tyvaso DPI, and Remodulin for the three months ended September 30, 2026.” 〔0〕

Profitability was much weaker than the revenue line suggests. Diluted EPS fell to $5.71 from $7.16, while operating income dropped to $307.8 million from $388.5 million. The main distortion was a $130.0 million “other” R&D charge tied primarily to in-process research and development from the Thymmune acquisition, alongside higher spending on manufactured organs and cardiopulmonary programs. The filing says the R&D increase was primarily due to “an increase in IPR&D expense in connection with the acquisition of Thymmune.”

Cash deployment remains aggressive but financially manageable. United Therapeutics ended the quarter with $3.54 billion in cash, cash equivalents, and marketable investments after using $477.6 million for a September accelerated share repurchase and exhausting the March-approved $2.0 billion authorization. That supports the long-term investment story, but it also explains why interest income declined and leaves less repurchase capacity available under the current authorization. The final settlement of the September ASR is expected in the fourth quarter of 2026. 〔1〕

Bottom line: This was a better-than-expected revenue quarter and evidence that Tyvaso DPI is gaining traction, but the earnings result itself was diluted by acquisition-related R&D and rising investment. The business story improves modestly, not decisively: commercial execution is healthy, while the cost of building the next growth phase is becoming visible.

What to watch next

September ASR final settlement, expected in Q4 2026

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

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United Therapeutics earnings beat revenue estimates as R&D surges

What to watch next

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